Black Cat Syndicate's Accelerated Paulsens Restart

Black Cat Syndicate Limited (ASX:$BC8) has announced the acceleration of the planned restart of the Paulsens Gold Operation, following a restructuring of funding arrangements. The $60M funding package announced on 26 September 2023 has been restructured, with a $9M reduction in equity funding and the introduction of a $9M unsecured, convertible note facility with Sundy Service Group Co Ltd. The funding will be utilized to expedite the restart of Paulsens, including securing long lead time items for the processing facility refurbishment and ramping up refurbishment activities by Black Cat's internal team.

Executive Commentary on Funding Restructuring

At a time of high gold prices, we are acting to ensure that the Paulsens restart will occur in the September 2024 quarter. The Convertible Notes funding allows us to order long lead time items as well as stepping up our already successful internal refurbishment program. Funds from the Convertibles Notes will be available on or before 31 December 2023 and will be applied towards the refurbishment programs. We look forward to Sundy becoming a shareholder in the Company along with Mingjin and Southeast Mingqing. All parties share our vision of starting our three operations with strong internal cashflows and ongoing Resource growth.

Summary of Funding Acceleration and Corporate Strategy

Black Cat Syndicate's restructuring of the funding package, securing $9M to accelerate the Paulsens restart, reflects the company's proactive approach to capitalize on the current high gold price environment. The funding will be directed towards expediting the refurbishment of the processing facility, aiming for a restart in the September 2024 quarter. The company's ambition to have three operations with strong internal cashflows and ongoing resource growth aligns with the strategic partnerships formed through the funding restructuring. Black Cat's multi-operation gold production strategy is underpinned by the Paulsens Gold Operation, Coyote Gold Operation, and the Kal East Gold Project, each offering significant exploration and growth potential.